ECOtality, Inc. (NASDAQ:ECTY), a leader in clean electric transportation, announced on June 19 that it has closed its previously announced private placement of common stock and warrants to certain institutional investors. Gross proceeds from the issuance were $8.2 million and will be used for general corporate and working capital purposes.
“We are making good progress to advance our Blink Network and monetize our EV solutions,” said Ravi Brar, CEO of ECOtality. “This capital raise helps us continue our operational momentum as we execute on our strategic initiatives to expand our diversified business lines and continue to build our business.”
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